Midnight Sun Partners with KoBold Metals to Explore Dumbwa Target in Zambia
Midnight Sun Mining Corp. (TSX-V: MMA / OTCQB: MDNGF) has announced the signing of an earn-in agreement with KoBold Metals Company, marking a significant milestone in the exploration of the Dumbwa Target within the Solwezi Project in Zambia.
KoBold Metals Company, renowned for its innovative approach to battery metal exploration, will undertake exploration activities on Dumbwa.
Backed by investors such as Breakthrough Energy Ventures and Andreessen Horowitz, KoBold aims to leverage its advanced technology to accelerate the discovery of critical minerals.
Under the agreement, KoBold can earn a 75% interest in Dumbwa by committing to USD$15 million in exploration expenditures and making cash payments totaling USD$500,000 over 4.5 years.
Midnight Sun’s President & CEO, Al Fabbro, expressed enthusiasm for the partnership, highlighting KoBold’s expertise and innovative exploration methods.
Mfikeyi Makayi, CEO of KoBold Metals Africa, emphasized the company’s eagerness to explore the Dumbwa Target, citing its promising copper-in-soil anomalies and structural similarities to other major deposits in the region.
KoBold plans to commence drilling at Dumbwa in 2024, utilizing its extensive experience in the African Copperbelt and cutting-edge technology.
Situated within the Zambia-Congo Copperbelt, Dumbwa is part of Midnight Sun’s Solwezi Project, covering 506 square kilometers.
While KoBold focuses on Dumbwa, Midnight Sun retains exploration rights to the remaining 398 square kilometers of the Solwezi Project, reaffirming its commitment to continued exploration in the region.
The partnership between Midnight Sun and KoBold signifies a collaborative effort to unlock the potential of the Dumbwa Target and further contribute to the development of Zambia’s mining sector.
